Where are my orders routed for execution?

Stock and option orders are routed to various trading partners. We use a top-down approach in selecting which market centers we'll establish a relationship with. This approach includes a review of system availability, quality of service, and financial and regulatory standing.

Designated market centers are selected based on the consistent high quality of their executions in one or more market segments. We regularly conduct analysis and review reports to evaluate quality of execution. We consider factors such as liquidity enhancement, price improvement, execution speed, and overall effective price compared with the national best bid or offer (the NBBO).

We're required to make quarterly reports publicly available. These reports disclose the venues to which orders were routed as well as the nature of our routing relationships, including any payment for order-flow arrangements.

How can I find out if my order executed?

How does my stop order trigger?

A stop order becomes a market order (or a stop limit order becomes a limit order) when a transaction takes place at or above the stop price (in the case of a buy stop order) or at or below the stop price (in the case of a sell stop order). But remember: Stop orders do not guarantee your execution price. During volatile markets, the execution price can differ significantly from your designated stop price.

On what day do I need to own shares in order to receive the dividend?

There are two dates established by the issuer of a security that are related to dividend distributions.

If you own shares on the record date, you're entitled to receive the dividend.

On the ex-dividend date, the security's price typically falls by the amount of the dividend. For example, if a stock was trading at $10 and declares a $0.40-per-share dividend, the security's price will likely fall by $0.40, to $9.60, to account for the dividend. Keep in mind that market fluctuations and sentiments will have additional impact on the price.

What's the trade date for my option assignment?

The trade date for an option assignment is the day the Options Clearing Corporation (OCC) notifies Vanguard Brokerage Services of the assignment. We receive these notifications as part of the OCC's nightly processing cycle, which is typically completed at around 2 a.m., Eastern time. We then use that information to update our clients' positions overnight. You can see your updated position the following day and find the final trade date on your order confirmation.

Can I trade on over-the-counter (OTC) markets?

Can I trade directly on foreign exchanges?

Direct trading is available on some foreign exchanges—call us to find out if a specific country or exchange is eligible.

All foreign security orders must be placed live through an associate on the Vanguard Brokerage Block Desk. You'll be assessed a commission plus a $50 processing fee for each foreign security order. If an order executes over multiple days, the commission will be charged for each day on which an execution occurs. Additional fees may apply for trades executed directly on local markets.

Please note that all orders must be placed under the rules and regulations of a particular exchange. Order qualifiers that are available for domestic trading may not be available on a foreign exchange. Also, be aware of exchange rate risk, foreign tax withholding, and country and regional risk (among other risks) when trading directly on an exchange.

* Only stocks and ETFs can be traded on a mobile device. Other features may vary by device and account type.

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Options are a leveraged investment and aren't suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before you buy or sell options, you must receive a copy of Characteristics and Risks of Standardized Options issued by The Options Clearing Corporation (OCC). A copy of this booklet is available at optionsclearing.com. You can also get a copy from your broker, any exchange on which options are traded, or by contacting The OCC at One North Wacker Drive, Suite 500, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options and is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or as investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit 888options.com. The OIC can provide you with balanced options education and tools to help you with your options questions and trading.